Isis Bank Looting

When the Islamic State advanced in Syria and Iraq in 2014, its fighters looted banks, took over oil fields and kidnapped foreigners, seemingly without facing much resistance. But fortunes have changed, and the caliphate is now in deep financial trouble, according to a new study.

ISIS terrorists have looted up to $1 billion from bank vaults in Syria and Iraq and has made at least another half a billion dollars from black market oil sales, senior US Treasury official Adam Szubin said on Thursday.

When the Islamic State advanced in Syria and Iraq in 2014, its fighters looted banks, took over oil fields and kidnapped foreigners, seemingly without facing much resistance. But fortunes have changed, and the caliphate is now in deep financial trouble, according to a new study.

ISIS terrorists have looted up to $1 billion from bank vaults in Syria and Iraq and has made at least another half a billion dollars from black market oil sales, senior US Treasury official Adam Szubin said on Thursday.